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GL Accounts

A GL Account classifies and organizes accounting transactions as part of Revenue Management. Posting rules utilize GL accounts to create balanced journal entries called transactions. Initially, when a GL account is created, it is added to the GL account list where you can manage the details and statuses of the GL accounts. Once created and given an Active status, the GL account can be assigned to a chart of accounts or included in posting rules. You can also edit or delete a GL account.

A chart of accounts (COA) is a collection of GL accounts that are structured. A GL account can be included in more than one COA. Any parent-child relationships between GL accounts are created within the COA. You do not create relationships between GL accounts before that point. However, a GL account must be set up a specific way to be a parent GL account or child GL account in the COA.

Creating a GL Account

GTV recommends consulting with your Accounting Department and GTV Support before creating GL accounts, GL categories, and relationships within the COA to ensure the resulting COA meets all your accounting needs when it is assigned to an AR Ledger.

Before creating a GL account, you will want to consider how it will be used with the COA and with posting rules. For example, only posting accounts can be used with posting rules and posting accounts cannot be the parent in a parent-child relationship. Therefore, when creating parent-child relationships in a COA, keep in mind the parent GL account cannot be used in a posting rule.

When creating a GL account, you can be broad or specific with your naming and numbering. GL accounts can be used on multiple COAs so you may benefit from generic naming and numbering so it will easily work with several charts of accounts. There is no limit to how many GL accounts you can create.

Generic GL account examples include:

• 1200—Accounts Receivable
• 4000—Revenue
• 4010—Discounts

Specific GL account examples include:

• 120101—Accounts Receivable: Division A
• 401002—Revenue: Division B
• 401102—Discounts: Division B

To create a GL account:

1. Select Revenue Management from the Gotransverse action menu .

2. Select Setup in the left pane.

3. Select the GL Accounts tab.

4. From the Setup action menu, select Create GL Accounts.

   

5. In the Create GL Account window, complete the relevant fields.

   

   Field	Description
   GL Account*	Add a number representing the GL account. It is recommended to follow your existing GL account numbering system. The same number can be used for more than one GL account, but the names must be different. GL accounts with the same number cannot be assigned to the same COA. A best practice is to mirror the GL account numbers in your ERP.
   GL Account Name*	Add a name for the account. Recommend naming similarly to existing GL account names. The name must be unique.
   Status*	Select one of the following statuses for your account: Draft—The GL account cannot be immediately assigned to a COA during creation and cannot be assigned to a COA or posting rule once created. Keep in Draft status if you need to make edits to the information before assigning to a COA. Active—The GL account can be assigned to a COA during creation and can be assigned to a COA or posting rule once created.
   Description	Add any additional information you may need regarding this GL account.
   Posting Account	Select the check box to make the GL account a posting account. This means the GL account can be used in a posting rule and can be a parent or child in a parent-child relationship in a COA. Clear the check box if you don’t want the GL account to be a posting account. This means the GL account cannot be used in a posting rule and can be a child in a parent-child relationship in a COA.
   Type*	Select a type from the drop-down menu. The GL account type indicates which section of the accounting equation the GL account and its related activity fall. The account type can impact which GL account is available for selection in a posting rule. For example, a revenue recognition rule may require a GL account with a revenue type. Options Include: Asset Liability Equity Revenue Expense
   Designation*	Select a designation. A designation is an additional attribute of the GL account as it is related to the type selected. Each designation has an associated designation category that indicates the intended function of that GL account. The designation category is auto-populated based on the selected designation. Designation Categories Include: Sub-ledger—Represents accounts that have reports available to support the balance of the account. For example, a GL account with an asset type and billed AR designation has a balance supported by the sum of all billing account balances. Contra—Represents accounts that carry the opposite natural balance than accounts of the same type. For Example, a GL account with an asset type and AR reserve designation, as a contra account, has a natural credit balance to offset billed AR in anticipation of some customers not paying their invoices. None—No Assumption Options include (options limited by type selected): Type Designation Designation Category Asset Cash Unbilled AR Billed AR AR Reserve Sales Reserve Contract Asset None Sub-Ledger Sub-Ledger Contra Contra Sub-Ledger Liability Customer Prepaid Liability Sales Tax Liability Deferred Revenue None Sub-Ledger Sub-Ledger Equity Equity None Revenue Recognized Revenue Sales Allowance None Contra Expense Bank Fee Sales Tax Expense None None All Types None None
   Chart of Accounts	Assign a GL account to a COA by selecting one or more COAs from the drop-down menu. The GL account must be in Active status.

   (*)Indicates required field
6. Click Create.

Editing a GL Account

You can edit a GL account in any status, however, the status determines which fields are available to be edited. A history of changes made to a GL account is listed under the History detail tab.

1. Select Revenue Management from the Gotransverse action menu.
2. Select Setup in the left pane.
3. Select the GL Accounts tab.
4. Locate the desired GL account to edit and do one of the following:
   • Click the ellipsis button under the Actions column, then select Edit GL Account.

     

   • Select the desired GL account, then select Edit GL Account from the GL Account action menu.

     

5. In the Edit GL Account window, you can edit any fields that are not greyed out. The status of the GL Account determines which fields can be edited. For example, if the status is Active, you cannot change the type.
6. Select Edit.

Deleting a GL Account

A GL account can be deleted. If, instead, you want to stop using a GL account, but don’t want to or can’t delete it and want to prevent it from being used again, consider changing the status to Cancelled or Suspended by editing it. This will keep the GL account in the system, but prevent it from being assigned to a COA.

A GL account must meet the following three conditions before the option to delete will be available in the user interface:

• Be in Draft status. You can change the status by editing the GL account.
• Not be assigned to a COA.
• Not have been used to create transactions in any AR ledger.

To delete a GL account:

1. Select Revenue Management from the Gotransverse action menu.
2. Select Setup in the left pane.
3. Select the GL Accounts tab.
4. Locate the desired GL account to delete and do one of the following:
   • Select the ellipsis button under the Actions column, then select Delete GL Account.

     

   • Select the desired GL account, then select Delete GL Account from the GL Account action menu.

     

5. Select Yes in the confirmation window.

For information about how to use the GL Account API, refer to the Revenue Management API Guide.

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